Loading chat...
GA HB1437
Bill
Status
Passed
4/26/2022
Primary Sponsor
Shaw Blackmon
Click for details
AI Summary
- Replaces Georgia's graduated individual income tax brackets (ranging from 1% to 5.75%) with a flat tax rate, starting at 5.49% on January 1, 2024, and decreasing by 0.10% annually to reach 4.99% by January 1, 2029
- Rate reductions may be delayed one year at a time if the Governor's revenue estimate does not grow by at least 3%, if prior year net revenue is not higher than each of the preceding five years, or if the Revenue Shortfall Reserve lacks sufficient funds to cover projected revenue losses
- Increases personal exemptions for married couples filing jointly from $7,400 to $18,500 starting in 2024, phasing up to $24,000 by 2030; sets the single/head-of-household exemption at $12,000 and eliminates the prior standard deduction structure
- Caps the state deduction for income taxes paid to other jurisdictions at $10,000 for single, head-of-household, and joint filers ($5,000 for married filing separately), and increases the earned income component of the retirement income exclusion from $4,000 to $5,000
- Requires the House Ways and Means Committee and Senate Finance Committee to jointly review all state tax credits, deductions, and exemptions by May 1, 2023, and report findings by December 1, 2023
Legislative Description
Income tax; revise rates of taxation on income
Last Action
Effective Date 2022-04-26
4/26/2022
Committee Referrals
Finance3/11/2022
Ways and Means2/28/2022
Full Bill Text
No bill text available